Category: Updates

MORNING UPDATE 9:08 AM

Thu, 9 Mar 2017

  Each day we inch closer to a daily cycle bottom in metals and miners. Prices are far enough from the recognition day that any close above the previous day’s high should signal the low. How prices bounce/rally out of the approaching low will determine the next 2-3 months.   -GDX- A close above $21.64 […]

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MORNING UPDATE

Wed, 8 Mar 2017

  I don’t see evidence of a bottoming just yet in metals and miners. I will monitor the action throughout the day and update if anything changes. Gold may test $1,200 before attempting a low. Oil is trading lower. I’d like to see it drop below $51.22 later this week to maintain our analysis.

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OIL POSITION

Tue, 7 Mar 2017

  Oil reached a high of $53.80 today and prices should close for the fourth time below the 10-day EMA. I’m entering 25% of my position today with a stop just above today’s high. If prices selloff from here I’ll add to my shorts when there is a clear breakdown in MFI or close below […]

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MINERS AND OIL UPDATE

Tue, 7 Mar 2017

  Miners are bouncing a bit today, but it’s unclear if prices bottomed. Volatility is high. I’d wait for signs of a bottom before attempting short-term long positions.   -GDX- I’m seeing some buying coming into miners this morning. I’m not sure if it will continue, but a daily close above $22.12 (yesterday’s high) would […]

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MORNING UPDATE

Tue, 7 Mar 2017

  Today marks the sixth trading day from last Monday’s recognition day in miners. Gold and Silver have dropped a little more, and I’m expecting an interim low by Thursday. However, it will likely just be a bounce lasting 1-2 weeks before another drop. Playing the rebound may be difficult, and I’m not sure it’s […]

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METALS AND MINING UPDATE

Thu, 23 Feb 2017

  If this was a genuine breakout, miners should be soaring today. Their lack of enthusiasm suggests prices are building a divergent top. Gold and Silver are at fresh highs, but Miners are still trading near their 10-day EMA’s. Gold needs to get through the $1,250-$1,258 zone to extend this rally. Otherwise, we may see […]

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